The simple answer is to find out how much your property is worth. But a certified appraisal also can help with other matters, including taxes and eliminating private mortgage insurance. A licensed appraiser can also help you with estate planning, analyzing the feasibility of proposed improvements, determining the best use for a property, and with insurance valuations.

By analyzing market data, including both historic and current comparable sales, current offers, pending sales, and proposed improvements. Then the appraiser compares your property to the broader market. The process may vary depending on why it is being done; for instance, an appraiser might weigh different factors more heavily for an insurance valuation than for a market valuation.

From a wide variety of sources, including a local Multiple Listing Service, local real estate professionals, county courthouse records, private data vendors, interviews with owners, and his or her own personal knowledge. The quality and reliability of each piece of information is weighed by the appraiser.

Although there is no fixed expiration date on an appraisal, most lenders consider them outdated after six months.

Probably. If five prospective homebuyers made offers on the same property, they would likely have five different offering prices. Therefore, it is common for different appraisers to calculate different values, although they should all be within a reasonable range, assuming each was completed at the same time and under the same conditions. On the other hand, different appraisal techniques could result in markedly different valuations. For example, a complete appraisal that includes an interior inspection might vary from a drive-by appraisal, which wouldn't provide accurate information about the updates, features, or condition of a property.

Either the lender or the appraiser.

No. The relationship between an appraiser and client is bound by confidentiality.

There are many professional appraisal organizations. Membership in one isn't required, but it may demonstrate an appraiser's commitment to continuing education and ethical standards. Some organizations, in fact, have standards that exceed those set forth by state licensing boards.

If you have a complaint, the licensing or regulatory board in your state is in charge of investigating the issue.

An appraisal is generally not the same as a home inspection. Although the appraiser documents condition and construction, the appraiser is typically not performing the function of a home inspector. However, some appraisers may offer a home inspection service also.